Treasurer to Rauner: Go to NY with budget-plan commitment

Claudine Rigal
Juillet 11, 2017

To avoid the state's bond rating from slipping to junk status, Illinois Treasure Mike Frerichs is offering advice to Gov. Bruce Rauner.

IL governor Bruce Rauner announced today that Richard Goldberg will be transitioning back to foreign policy, national security and consulting after more than three years as senior adviser to the Rauner 2014 campaign, deputy chief of staff for legislative affairs and chief of staff.

Illinois State Treasurer Michael Frerichs, a Democrat, on Monday urged Rauner to immediately take steps to issue up to $6 billion of bonds the legislature authorized to begin paying off bills. The budget plan also calls for approximately $2 billion in cuts.

A junk rating would make future bond sales more hard and expensive.

Legislators recently approved a state budget that includes an income tax increase, over the Republican governor's objections. I am sure they won't.

The budget provides for over $36 billion in spending on K-12 education, state colleges and universities, social services, medical care for the poor, and other governmental services.

While the budget bill appropriates an increase in money for K-12 education, the language of the bill requires that general state aid funds be distributed using a new "evidence-based" funding formula. Newspaper headlines have claimed the end of IL was inevitable without a budget.

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